About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Pick of the Day: GBP/USD

Posted 00:35 20 September 2007 | 0

PoD Chart

Good morning! I'm looking to short Cable tonight as the pair bounces lower from the 240 MA's. The pair moved lower after the rally, sparked by the interest rate cut yesterday, seems to have stalled and reverted back to the downtrend.

I think we will see it continue lower as we have seen issues with mortgages and lending now hitting the UK. I would first like to see the pair break below the support level and then possibly going in. Here we go:

Short GBP/USD at 1.9940, stop at 1.9990, pt1 at 1.9880, pt2 at 1.9800

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly!

Good luck!!!

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